Google Inc. is investing $300 million equity stake in a fund created by SolarCity Corp. to finance approximately 25,000 residential solar power projects.
The fund also includes $450 million from debt financing, bringing the overall fund total to $750 million, said Jonathan Bass, a spokesman for SolarCity.
The fund allows homeowners to pay a monthly fee to lease the panels from SolarCity, allowing residential solar to be more affordable to customers.
With the investment, Google can claim federal tax credits worth 30 percent of a solar project's cost, according to Reuters.
To date, Google has invested more than $1.5 billion into renewable energy power projects.
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